The many personalities of tax returns (and the clients behind them)
by AccountingWEB on
Anyone who has prepared tax returns for a number of years likely has come to the conclusion that individual income tax returns have their own personalities as do the taxpayers that they represent.
But, did you know there are more than 20 different personalities and characteristics?
For example, there is the spender – the one that always make you wonder where the money went. But when you ask the question, the answer is usually “I don’t know where the money went, but if you find it, let them know.”
On the other end of the spectrum are the savers. They are the ones that have huge amounts of interest and/or dividend income compared to their W-2 income. They have many bank accounts and own many individual stocks. So, they want each piece of income listed separately on the tax return instead of showing it any other way. Too bad the banks don’t give away free gifts anymore – these people would be able to fill warehouses.
Then there are the sneaky. These are the clients who come to you with a complicated question in the middle of tax season. They know the answer they want, and ask very specific questions to lead you there. You have to pay close attention when listening to these clients.
The confused are the taxpayers who let their broker handle all their investments. These taxpayers have no clue about their financial situation. They don't know how many brokerage accounts they have or what transactions have been made throughout the year.
Other types include: Generous, Stingy, Aggressive,Timid, Sneaky, Self-Starters, Ex-Factor, Trust Fund Babies, Double Dippers, Credit Seekers, Dribblers, Holders, Blenders, Confused, Meticulous, Overkiller, Lazy, One-Timer, Parent, Professional, I Never Asked, and Rusher.